(Alliance News) - 888 Holdings PLC shares were up on Tuesday, after it said it has completed the EUR28.3 million sales of its Latvian business.
888 Holdings is a Chichester, England-based betting and gaming company, with brands including William Hill, 888 and Mr Green. Its shares were up 4.2% to 111.20 pence each in London on Tuesday morning.
In May, 888 said it had sold its Latvian business to Paf Consulting Abp for up to EUR28.3 million. Paf Consulting manufactures and distributes gaming consoles.
The sale is for 100% of the business, with an initial consideration of EUR24 million to be paid in cash upon completion of the transaction, and a further potential earn-out of up to EUR4.3 million, payable in 2024 upon completion of this year's audited financials.
888 Holdings had owned 90% of the Latvian business.
In May, 888 had told investors the cash from the sale would be used for general corporate purposes.
"The sale of the Latvian business marks another positive step in the execution of our integration programme. This sale generates cash proceeds from a non-core market to support our deleveraging plans, as well as enabling reinvestment into our core and growth markets."
By Sophie Rose, Alliance News reporter
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